Which mortgage

Unregistered said:
I used this one: http://www.jeacle.ie/mortgage/eu/

With this calculator, showing a 'prepayment' of 250 euros (thats what I am hoping to save) per month, brings down the term by 8 yrs and 3 mnths, and savings of 33000 euros on interest.

However, I am don't think thats corrent way of looking at it, is it? Because the leaving 250 euros in a current account to offset the mortgage amout is not the same as paying off the mortgage (prepayment), is it?

thanks!
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Well lets say you have 100k in savings and a 250k mortgage. You leave the 100k in the account and it offsets against the interest. I assume this si the same as paying it off. When your mortgage then reches 100k you use the 100k in the account to clear the mortgage. wouldnt that make sense/

Your calculation though would assume you save 250 euro each month and never touch it over the lifetime of the mortgage. How likely is that?
 
If you do go to PTSB don't go to a branch, have been to a few and managers don't seem to have a clue. i ended up going through their telephone mortgage process, found them very helpfull, and didn't have to get time off work sorted it all out over the phone.
 
munsterman25 said:
Well lets say you have 100k in savings and a 250k mortgage. You leave the 100k in the account and it offsets against the interest. I assume this si the same as paying it off. When your mortgage then reches 100k you use the 100k in the account to clear the mortgage. wouldnt that make sense/
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Hmm, you are right. I was not very clear about what happens once your savings is same as the mortgage (well, its not something that I would be worried about in near future anyway)

Your calculation though would assume you save 250 euro each month and never touch it over the lifetime of the mortgage. How likely is that?
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Very unlikely, however, couple of years down the line, I should have higher income etc (wishful thinking, I know) and should be able to set aside 250 pm (like paying off a normal mortgage).

Original poster (yeah, I know, I should setup up a userid)
 
Unregistered said:
A direct link to Irish Mortgage Corp's site....
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I assumed that WizardDr posted that link because it referred to some mortgage calculators that might have been useful in the context of the original query. I'm not aware of any link between WizardDr and IMC. I don't think that this was advertising or obviously in breach of the .
 
looking to set up a current account mortgage with first active or the offset with NIB-

on the face of it NIB seem to be offer a better deal with a lower interest rate and the six connected accounts. However I don't feel totally comfortable with the fact it's not linked and feel the interest rate is almost an introductary offer-although their rates are quiet good across the board.

I think what will be the clincher for me will possibly be the day to day usefulness of the twos online banking service, so anyone have good or bad points to offer on both services- credit card payments, transfers from other banks , clearing time, technical issues etc

I'm with AIB online at moment and don't have any real issues at all so fearful of signing up to something inadequte

 
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